Waves Awakens in 2019 with 26% Surge as RIDE Mainnet Update Beckons
After a strong end to 2018 which saw its coin price quadruple in value, Waves (WAVES) had a much quieter start to 2019.
Along with Stellar (XLM), Waves is the only altcoin among the top fifty not to have recorded growth in the first half of the year so far. In fact, at time of writing, the coin is down 35% for 2019, according to TradingView.com.
But a dent was made in those losses on Saturday as Waves pumped 26%, just days ahead of the Node 1.0 release on mainnet. The update includes a new dApp programming language called RIDE, which brings numerous new functions and use-cases to the Waves blockchain.
Waves RIDE Update
The Node 1.0 update is days away at time of writing, and will bring with it the launch of dApp creation on the blockchain. The new dApp programming language, RIDE, is described in the documentation:
“RIDE was written specifically for execution in a blockchain environment and designed for building applications that will form the next generation of the internet.”
Along with dApps, RIDE also introduces the ability to perform mathematical calculations on the blockchain. The update will also see Waves DEX users given the opportunity to pay their trading fees with the coin of their choice (BTC or ETH at the moment), as opposed to WAVES.
The latest blog post also describes the arrival of NFT’s – Non-Fungible Tokens. Until now, Waves had standard, fungible token creation abilities, and hundreds of tokens have launched on Waves since launch in 2016.
The Waves team say the ability to launch unique, trackable NFT’s will open Waves up to more use-cases, such as digital tokenization and gaming:
“These tokens can also be issued with a script in the RIDE language, making them non-fungible smart assets. With this innovation, the platform becomes much more attractive for tokenization of digital assets, with applications in gaming and for other digital collectibles.”
High or Low? Where Next
When Waves surged ~300% between November and December of 2018, it undoubtedly scared away some investors – many of whom would have been expecting a correction. That correction took until July to manifest, as the coin price fell from $4.57 to $1.72 – a ridiculous 62% drop.
Bear in mind that the rest of the altcoin market has been booming in that time, leaving Waves trailing yet further behind. And of course, given Bitcoin’s surge of late, the coin’s performance against BTC for the year-to-date in 2019 is even worse – falling 86% in that time.
Saturday’s surge came shortly after the coin price hit a new 2019 low – both against the dollar and against Bitcoin. The 26% surge carried the coin from $1.72 to $2.17.
After a decidedly horrific six months for anyone who bought Waves at the turn of the year, the question now is where does Waves go next? The 26% surge over the past couple of days may be a sign that Waves has hit some kind of bottom.
Assuming the coin makes a recovery, and falls back in line with the rest of the market, we could see a 50% surge which carries it immediately back above $3.00. That would return it to the price it held when BTC and ETH and were at their respective prices this time last year.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.